The Global RFID in Healthcare Market size is expected to reach $13.3 billion by 2030, rising at a market growth of 17.5% CAGR during the forecast period.
Pharmaceutical tacking is an important aspect for healthcare sector which can be done through advanced ways, hence, the pharmaceutical tracking registered $1,021.5 million revenue in the market in 2022. RFID sales are increasing as a result of the massive daily supply of pharmaceutical goods that are sent from warehouses and pharmacies to many clients throughout the world. Inventory management must be more precise, real-time, and stock-level information to enhance circulation across the supply chain. RFIDs can monitor expiry dates, prevent counterfeit goods, boost consumer safety, and accurately estimate product demand. They can also help with inventory visibility and customer service.
The major strategies followed by the market participants are Partnerships as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In December, 2020, Avery Dennison formed a partnership with Schreiner MediPharm and PragmatIC Semiconductor to leverage NFC technology. The partnership with PragmatIC and Schreiner MediPharm, the company would be able to provide enhanced patient safety and experiences through novel smart packaging applications. Moreover, in September, 2020, Honeywell teamed up with Influence Healthcare International (IHI) to explore new possibilities for both companies to digitally transform the Middle East, Russia, Turkey, and Africa’s (MERTA) healthcare sector by offering high-quality healthcare solutions by combining the Safety and Productivity Solutions of the company with IHI’s industry-leading healthcare transformation capabilities.
Based on the Analysis presented in the KBV Cardinal matrix; 3M Company, Honeywell International, Inc. and Siemens AG are the forerunners in the Market. In March, 2023, 3M teamed up with Guardhat, an industry-leading connected safety software company. The company would transfer its Safety Inspection Management (SIM) software to Guardhat. The collaboration is aimed to bring the expertise of both the companies and innovation across PPE with Guardhat's worker-centric software platform to better serve that joint mission. Companies such as Fujitsu Limited, Avery Dennison Corporation, and Zebra Technologies Corp. are some of the key innovators in the Market.
Any labeling or packaging material that complies with the relevant written specifications will be authorized and made available for use, as per the Code of the Food and Drug Administration of the Health and Human Services. To avoid their usage in activities for which they are inappropriate, any labeling or packaging material that does not adhere to these standards must be rejected. Records must then be kept for each shipment of labeling and packaging material received, whether accepted or refused. Such requirements and laws boost interest in RFID, propelling the industry.
By streamlining tasks related to managing the complete traceability of materials and acquiring information on consumption per patient, the automation of logistic systems enables advancement towards effective per-patient management models. With this automation, these tasks would be nearly possible due to the significant resources and staff time needed. To effectively maintain traceability, automatic identifying technologies like barcodes and, more recently, radio-frequency identification (RFID) have been created. As a result, as healthcare logistics became more automated, the use of RFID in that industry—especially in RFID-enabled smart cabinets—would increase, fueling market expansion.
RFID-enabled smart cabinets employed in healthcare come at a significant cost to install and maintain. Such charges for hospitals and clinics in impoverished countries cannot be anticipated. It is projected that traditional lock and key cabinets would prevent the widespread use of RFID-enabled smart cabinets. Most hospitals in underdeveloped areas and countries still keep their equipment and pharmaceuticals in conventional safety and critical cabinets and freezers. The expansion of healthcare specialties, departments, and services is given greater priority due to the system's overall performance. Due to the high cost of RFID technology, the market is anticipated to suffer throughout the projection period.
Based on product, the market is divided into tags and systems & software. The tags segment held the highest revenue share in the market in 2022. A greater consumer understanding of these devices' advantages would accelerate category expansion. Medical personnel can find any hospital patients using RFID tracking, ensuring their safety and sustaining the treatment process. Additionally, businesses are launching innovative solutions to lower risk and improve organizational efficiency. Pharmaceutical, asset, patient, and blood monitoring system tracks may all be made using RFID tags.
By application, the market is segmented into asset tracking, patient tracking, medication tracking, blood tracking, and others. The pharmaceutical tracking segment garnered a significant revenue share in the market in 2022. RFID provides a reliable way to get product information, in addition to monitoring and tracking medications across the supply chain and lowering the total cost of business (TCOB) in the case of a product recall. Additionally, several pharmaceutical companies collaborate with RFID businesses to launch innovative RFID products.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 3.7 Billion |
| Market size forecast in 2030 | USD 13.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 17.5% from 2023 to 2030 |
| Number of Pages | 177 |
| Number of Table | 273 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market with the maximum revenue share. The market expansion is primarily caused by a rise in patient safety legislation, requirements for monitoring medical equipment, and an increase in hospitals. Other factors influencing regional development include the availability of a well-developed healthcare infrastructure and the high adoption of cutting-edge technology in healthcare. The U.S. has a significant market in this area, which helps explain why this technology is used so often in healthcare services. Growth in the area is fueled by the rising awareness of the possible advantages of using RFID technology and the increasing worry about the dangers of prescription mistakes.
Free Valuable Insights: Global RFID in Healthcare Market size to reach USD 13.3 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Alien Technology, LLC, Zebra Technologies Corp., Avery Dennison Corporation, Impinj, Inc., 3M Company, Invengo Technology Pte. Ltd., Siemens AG, Fujitsu Limited and Terso Solutions, Inc. (Promega Corporation).
By Application
By Product
By Geography
The Market size is projected to reach USD 13.3 billion by 2030.
From the patient's standpoint, increasing healthcare logistics automation are driving the Market in coming years, however, RFID technology is expensive restraints the growth of the Market.
Honeywell International, Inc., Alien Technology, LLC, Zebra Technologies Corp., Avery Dennison Corporation, Impinj, Inc., 3M Company, Invengo Technology Pte. Ltd., Siemens AG, Fujitsu Limited and Terso Solutions, Inc. (Promega Corporation).
The Asset Tracking segment acquired maximum revenue share in the Global RFID in Healthcare Market by Application in 2022 thereby, achieving a market value of $4.6 billion by 2030.
The North America market dominated the Global RFID in Healthcare Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.2 billion by 2030.
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